What Bear Market? Zilliqa Rallies 116% on Agora Tie-Up

Key Takeaways

  • Zilliqa’s Metaverse as a Service platform Metapolis is teaming up with Agora.
  • Buyers seem to have welcomed the partnership, serving to ZIL rally.
  • Additional shopping for strain may see the token surge to $0.17 and even $0.26.  

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Zilliqa’s ZIL token has outperformed the remainder of the market prior to now 24 hours after the blockchain startup revealed a brand new partnership with the worldwide expertise awards app Agora. 

Zilliqa Companions with Agora

Zilliqa is hovering, defying a months-long droop throughout the broader cryptocurrency market.

The sharding pioneer’s ZIL token has greater than doubled prior to now 24 hours after scoring a key partnership for its upcoming Metaverse as a Service (MaaS) platform, Metapolis.

Slated to launch in April, the brand new platform has been touted as an immersive, gamified XR Metaverse expertise. In response to a Zilliqa weblog submit, it will enable “conceptually-rich and custom-designed domes as a part of cities” to host manufacturers, artists, ideas, video games, e-stores, actual property or different digital experiences. 

Metapolis has collected $2 million in pre-launch income and not too long ago partnered with the worldwide expertise awards app Agora.  

In a Friday press launch, Sandra Helou, Head of Metaverse and NFTs at Zilliqa, mentioned that the partnership would “carry not solely creativity to life inside the Metaverse but in addition open borderless entry for creatives worldwide to attach within the digital world.” She added that the partnership between each corporations would place them on the “forefront of Web3 innovation.” 

For the reason that announcement, traders have proven optimism concerning the utility that Metapolis will carry to Zilliqa. ZIL’s market worth skyrocketed by 116% shortly after the partnership was introduced. It’s barely cooled off since, buying and selling at just below $0.12. That places the venture’s market cap at about $1.6 billion. 

Overcoming Resistance 

From a technical perspective, it seems that the Tom DeMark Sequential indicator anticipated the sudden upward worth motion. The technical index offered a purchase sign on ZIL’s weekly chart, which is now getting validated. With just a few hours earlier than the weekly shut, the token may shut above the 50-week transferring common, doubtlessly signaling additional features on the horizon.  

Overcoming this vital hurdle may encourage sidelined traders to re-enter the market. One other spije in shopping for strain may enable ZIL to breach the $0.12 resistance stage and goal $0.17 and even $0.26.

Supply: TradingView

Nonetheless, a spike in profit-taking may push ZIL decrease earlier than it continues surging. Failing to shut the above 50-week transferring common may lead to a quick pullback to the 100-week transferring common at $0.072 or the $0.053 assist stage. 

Disclosure: On the time of writing, the writer of this piece owned BTC and ETH.

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